India Metaverse Market Size Zooming More Than 17X to Touch USD 338 Billion by 2029

Published | 29 June 2023

The India metaverse market is gaining traction because of the increasing adoption of augmented reality (AR) and virtual reality (VR) and a growing demand for immersive experiences across industries in the country.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the India metaverse market size at USD 19.57 billion in 2022. During the forecast period between 2023 and 2029, the India metaverse market size is projected to grow at a robust CAGR of 50.3% reaching a value of USD 337.76 billion by 2029. The use of the Internet to bridge the physical and digital worlds, the popularity and growth of mixed reality (MR), augmented reality (AR), and virtual reality (VR), and the rise in demand for work-from-home and remote working tools during the COVID-19 pandemic are all significant growth factors for the India metaverse market.

India Metaverse Market – Overview

Metaverse, as defined by a leading global management consulting company McKinsey & Company, is an evolving 3-D digital environment that enables realistic personal and professional encounters online by utilizing virtual reality, augmented reality, and other cutting-edge internet and semiconductor technology. Different types of technology, including cloud infrastructure, software tools, platforms, apps, user-generated content, and hardware, will power the metaverse. The metaverse will feature a variety of user experiences in addition to technical needs, including but not limited to entertainment, gaming, business, social interactions, education, and research.

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India Metaverse Market – By Technology

Based on technology, the India metaverse market is segmented into blockchain, virtual reality (VR) & augmented reality (AR), mixed reality (MR), and others. The VR & AR technology segment accounts for the highest market share. VR technology is not only a network of related virtual worlds that allows avatar-based user interaction with digital content but rather a collection of interconnected virtual worlds. With the help of AR, metaverse products will have immersive features like the ability to dress a user’s avatar in a variety of clothing.

Impact of COVID-19 on the India Metaverse Market

The unprecedented COVID-19 pandemic provided the India metaverse market with enormous growth potential. The lockdown's stringent restrictions on the production processes and supply chains for the metaverse hardware components initially resulted in a slow expansion of the market. However, the pandemic proliferated the adoption and integration of the metaverse, particularly in the BFSI and gaming sectors. Users can participate in interactive sessions in the virtual world owing to the metaverse's widespread use across a variety of industries, such as education, healthcare, events, and others.

Competitive Landscape

Major players operating in the India metaverse market include Meta, Roblox, Epic Games, Decentraland, Sandbox, Tech Mahindra, TCS, HCL Technologies, Mphasis, and Persistent Systems. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

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The in-depth analysis of the report provides information about growth potential, upcoming trends, and the India Metaverse Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the India Metaverse Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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